SEOUL, 16th May, 2024 (WAM) -- South Korean stocks traded sharply higher late Thursday morning as investor sentiment was boosted by hopes for a US rate cut, Yonhap News Agency reported.
The benchmark Korea Composite Stock Price Index had added 21.61 point, or 0.79 percent, to 2,751.95 as of 11:20 am.
The latest data showed that US inflation slowed down slightly in April, raising hopes that the Federal Reserve will cut key rates in the coming months.
In Seoul, large-cap shares led the upbeat mode.
The local currency was trading at 1,351.35 won against the US dollar at 11:20 am, up 17.75 won from the previous session's close.